we are delighted to dan gallagher here today as the keynote speaker. dan. [applause] >> thank you, david for that kind introduction. it was just fourteen months ago since i gave my first speech here in the building. it seems like yesterday but i think the speech shows how important it is for fcc commissioners to get out and about. i'm pleased to be here addressing such strong supporters of the american global leadership in capital formation. which is one of the foremost goal at the commission. before i continue, i must tell you that my remarks today are my own and do not necessarily represent the view of the commission or fellow commissioners. you're about to find out why. [laughter] as i'm you're aware, next monday, the nation will observe both the inauguration and martin luther king, jr.'s birthday. what you may not be aware of it marks the two and a half year anniversary of the enactment of the dodd-frank act. to commemorate the occasion, i'd like to take a few moments to talk about the act. specifically the misallocation of resources and opportunity cos